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Equity Bottom-Up

Perpetua Resources Corp / Equity Bottom-Up

<div>Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is an Idaho based&nbsp;(Stibnite jurisdiction), gold-antimony-silver (Au-Sb-Ag) junior&nbsp;explorer/producer. Our analysis identifies PPTA as a US national strategic asset (Sb) and a best-in-class gold asset. PPTA is a sustainability/ESG leader</div>
<div>amongst junior minors (LR lower WACC) - PPTA has produced sustainability reports since 2014 and has begun a water quality improvement project at Stibnite. PPTA holds the only economic Sb reserve in the US and is positioned to be the only domestically mined source of Sb (supplying ~35% of domestic demand). The US is heavily reliant on Sb for defense and ammunition. PPTA</div>
<div>was recently awarded $200k from the DoD through the Defense Logistics Agency, to evaluate if its Sb meets military specifications (Mil-Spec).</div>

Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is an Idaho based&nbsp;(Stibnite jurisdiction), gold-antimony-silver (Au-Sb-Ag) junior&nbsp;explorer/producer. Our analysis identifies PPTA as a US national strategic asset (Sb) and a best-in-class gold asset. PPTA is a sustainability/ESG leader
amongst junior minors (LR lower WACC) - PPTA has produced sustainability reports since 2014 and has begun a water quality improvement project at Stibnite. PPTA holds the only economic Sb reserve in the US and is positioned to be the only domestically mined source of Sb (supplying ~35% of domestic demand). The US is heavily reliant on Sb for defense and ammunition. PPTA
was recently awarded $200k from the DoD through the Defense Logistics Agency, to evaluate if its Sb meets military specifications (Mil-Spec).

Perpetua Resources Corp (PPTA) Initiation ACF Equity Research 29092022

Thematic (Sector/Industry)

<p>Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is a gold-antimony-silver deposits developer in the stable mining jurisdiction of Stibnite-Yellow Pine, Idaho. PPTA’s Stibnite open-pit gold (Au) project is one of the highest grade US deposits Compared with the 2020 FS after-tax NPV of $1.86bn (assumptions: 5% discount rate, gold $1,850/oz) &nbsp;antimony (M+I 206Mlbs) is a potentially exciting byproduct. PPTA’s MCap is at an ~90% discount to the FS suggesting a significant potential mispricing. Since our last CIC PPTA has released 1Q + 2Q highlights and added Kopernik to its institutional investor holdings list. PPTA has also begun water quality improvement activities on site after working with the US EPA and USDA for &gt;3 years to obtain permission to conduct time critical, early action clean-up actions.</p>

Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is a gold-antimony-silver deposits developer in the stable mining jurisdiction of Stibnite-Yellow Pine, Idaho. PPTA’s Stibnite open-pit gold (Au) project is one of the highest grade US deposits Compared with the 2020 FS after-tax NPV of $1.86bn (assumptions: 5% discount rate, gold $1,850/oz) &nbsp;antimony (M+I 206Mlbs) is a potentially exciting byproduct. PPTA’s MCap is at an ~90% discount to the FS suggesting a significant potential mispricing. Since our last CIC PPTA has released 1Q + 2Q highlights and added Kopernik to its institutional investor holdings list. PPTA has also begun water quality improvement activities on site after working with the US EPA and USDA for &gt;3 years to obtain permission to conduct time critical, early action clean-up actions.

Perpetua Resources Corp. (PPTA) Core Investment Case UPDATE ACF Equity Research 19082022

United States

Perpetua Resources Corp. operates as a mineral exploration company. The Company focuses on gold mining and development projects. Perpetua Resources serves customers worldwide.

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Perpetua Resources Corp (PPTA US)

Perpetua Resources Corp (PPTA) Initiation ACF Equity Research 29092022

Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is an Idaho based (Stibnite jurisdiction), gold-antimony-silver (Au-Sb-Ag)...

ACF Equity Research

Perpetua Resources Corp. (PPTA) Core Investment Case UPDATE ACF Equity Research 19082022

Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is a gold-antimony-silver deposits developer in the stable mining jurisdiction of...

ACF Equity Research

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